Insurance and Finance - General Knowledge Questions

1 .
Which of the following terms is not covered under General insurance?
A)
Marine Insurance
B)
Fine Insurance
C)
Motor Insurance
D)
Life Insurance

Correct Answer :   Life Insurance

2 .
The regulator of the insurance business in India is
A)
PFRDA
B)
IRDA
C)
SEBI
D)
FMC

Correct Answer :   IRDA

3 .
Individuals invest in insurance policy for
A)
Risk Protection only
B)
Easy liquidity
C)
Low Returns
D)
Tax Benefit and Risk Protection

Correct Answer :   Tax Benefit and Risk Protection

4 .
A Life Insurance which provides coverage at a fixed rate of payments for a limited period of time is known as
A)
Variable Life Insurance Policy
B)
Permanent Life Insurance policy
C)
Universal Life Insurance policy
D)
Term Life Insurance policy

Correct Answer :   Term Life Insurance policy

5 .
The headquarters of the State Owned Life Insurance Corporation Limited is situated in
A)
Gurgaon
B)
Mumbai
C)
Hyderabad
D)
Kolkata

Correct Answer :   Mumbai

6 .
The Insurance Regulatory and Development Authority (IRDA) is a
A)
Statutory Body
B)
Constitutional Body
C)
Non Governmental Organization
D)
Advisory Body

Correct Answer :   Statutory Body

Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India.

7 .
A life insurance policy which pays out the sum insured under such scenarios death and survival of the insured person is known as
A)
Annuity policy
B)
Endowment policy
C)
Term insurance policy
D)
Whole life policy

Correct Answer :   Endowment policy

8 .
The Insurance Regulatory and Development Authority of India (IRDAI) was incorporated (as a Statutory body) in 2000 based on the recommendations of the
A)
R. N. Malhotra Committee
B)
Narshimaham Committee
C)
R. N. Talwar Committee
D)
Bimal Jalan Committee

Correct Answer :   R. N. Malhotra Committee

9 .
What year was Inheritance Tax introduced in the UK?
A)
1970
B)
1979
C)
1986
D)
1990

Correct Answer :   1986

In 1975 estate duty was replaced by the capital transfer tax, which took into account all gifts and money transferred over a certain level, but potential for exclusion was brought back with the introduction of inheritance tax in 1986

10 .
Life Insurance Company of India (LIC) was established______?
A)
1946
B)
1956
C)
1966
D)
1976

Correct Answer :   1956

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